What does ‘consigning’ mean?
‘Consigning’ an artwork means to give it to a gallery or auction house to sell on your behalf. Traditionally, consignments involve sending the artwork away to the seller for the duration of the consignment period.
This traditional model comes with risk (you’re entrusting another party with your investment), cost (often it’s your responsibility to arrange logistics and insurance to the third party, as well as footing the bill) and means you can’t enjoy it on the wall anymore.
We have a different approach. At Lougher Contemporary, the majority of our consignments are agreed remotely, meaning that the artwork stays with you throughout the consignment period.
As digital experts, we already know how to sell contemporary art without a gallery space. Our consignments team work closely with you to agree a price that suits you and your needs. When we’ve found a buyer and the time comes to arrange logistics and insurance, we sort it all for you.
When’s the right time to sell your artworks?
Whether you’re just starting out on your collecting journey, or you’ve been collecting for years, there are a number of reasons why selling your artworks is the best way forward.
- Free up cash – a lot of consignors choose to liquidate works from their collection when they have new opportunity that needs cash, for example, they have a wedding to pay for or they need to supplement a house deposit.
- A wall refresh – some collectors choose to build their collection over decades, but you might prefer to renew the art on your walls every few years. If you’re looking to sell and reinvest, we can give you an insight into the artists and artworks where we see investment potential.
- Avoid risk – if you bought an artwork in the noughties for £400 and it’s now worth £400,000, you may want to consider selling. High-value artworks require insurance, high-quality storage and security, and if you have a small collection, it might be time to cash in via a trusted gallery!
- Realise profit – if an artwork or artist’s work is particularly desirable by buyers and you’re sitting on a profit, it could be the right time to sell and go again. For example, we’re seeing a lot of demand for editions by David Hockney and Bridget Riley. If you’re not sure what the artworks in your collection are currently worth, get in touch with our consignments team for a free, no-commitment valuation.
Selling your art through Lougher Contemporary
This means that you’re armed with the information you need to make decisions about insurance and risk, and manage your portfolio effectively.
We recommend valuing the artworks in your collection every few years (at a minimum). If you bought an artwork pre-Covid and don’t know what it’s worth in the current market, get in touch with our consignments team.
At Lougher Contemporary, we don’t work on commission, so we’re not motivated to overprice and let an artwork sit there. Our focus is on you as a consignor, giving you an accurate valuation based on market value and making sure that we’re achieving sales for you at prices you’re happy with.
If you’d like a valuation for your collection, you can contact our consignments team on +44 7436 195500 or send us artwork details via our contact form.
